The 2010 real property assessment notices being mailed today reflect the current state of Loudoun County’s real estate market, according to Todd Kaufman, Loudoun County Assessor. The assessment notices include a pamphlet about the assessment and taxation processes. Information regarding the review and appeal process is also included as is information on programs such as Land Use and Tax Relief for the Elderly and Disabled.A message from the Loudoun County Assessor explaining the assessment process, the 2010 Automated Application for Review form, answers to frequently asked questions, and other important information related to the assessment process is available on the Loudoun County Government Website at www.loudoun.gov/assessor.

The Code of Virginia and local ordinances require that assessments be made annually at fair market value. “It is important to understand that assessments are not influenced by the budget or tax rate. Assessments are market driven. The creation of the budget and the setting of the tax rate are independent from the assessment process,” said Kaufman. “The budget is proposed by the County Administrator and approved by the Board of Supervisors. The Board also sets the tax rate. Assessments are the County Assessor’s opinion of the value of a jurisdiction’s real property portfolio as of January 1. Real property tax levies are the result of the application of the tax rate on the real property assessment. The Board sets the real property tax rate following a process which includes public hearings and a series of work sessions.”Sale prices of existing area homes in Loudoun County saw a decline, consistent with trends in similar Northern Virginia localities. Assessment trends are based on a study comparing the 2008 sales inventory to the 2009 sales inventory. 2009 sales activity is the basis for the 2010 real property assessment. Based on an analysis of this data, the county’s real estate portfolio was adjusted accordingly. Overall, residential and commercial value declines slowed in 2009 resulting in some growth mainly in association with new construction and development. The 2010 Assessment Summary, which defines the portfolio, will be available on the Loudoun County website at www.loudoun.gov/assessor within the next few weeks. Property owners are encouraged to check the Assessment and Parcel Database for information pertaining to their individual property.

In addition to the Assessor’s Office at the Loudoun County Government Center at 1 Harrison Street, S.E. in Leesburg, the Assessor has a satellite office at 45201 Research Place, Suite 130, in Ashburn, which is open to the public Monday through Friday from 9:00 a.m. until 4:00 p.m.For more information, contact the Loudoun County Assessor’s Office at 703-777-0267.